Steady as she goes. That old nautical phrase, urging a firm hand on the wheel and an unwavering eye on the compass, seems apt for today’s retailers. While economic waters remain troubled, an improved economic forecast promises retailers a smoother route to profitability in 2014.
Traditionally, cash office management and the reconciliation process have relied on manual procedures, such as counting currency and coin by hand, creating handwritten check deposits, and keying totals into the POS system. Many retailers have used the same cash office procedures for years, with the procedures inconsistently executed from store to store. Chain Store Age talked with Balance Innovations’ Janette Davis about how technology is bringing new efficiencies to cash office management.
Payment processing service-provider Vantiv said that it has launched its Mobile Check Deposit product that enables consumers and small business owners to use their smartphone to take a picture of a check and deposit into their account.
Middle market CFOs, buoyed by increasing optimism fueled by sales growth, are prepared to increase capital expenditures by dipping into their stockpile of cash reserves, according to a survey by TD Bank.
Lending to retailers is once again on the rise, as capital flows back into the market and retailers that stayed afloat during the recession look to strengthen their competitive positions. During the economic downturn, the more nimble and savvy retailers cut costs, reduced inventory levels, renegotiated leases and closed underperforming stores.
LandMark Retail Group, a subsidiary of NewMark Merrill Cos., has partnered with Accubranch, a strategic planning and market research group that specializes in providing real estate advice to the regional banking industry.
Nearly half of U.S. smartphone users say they have already, or soon will, use their phones to do mobile shopping, according to a recent survey conducted by ABI Research, and 53% also use, or intend to use, their smartphones for mobile banking.